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Nigeria’s glut of unsold oil starts to shrink as prices weaken

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Published14 MAY 24 - 10:16 Reading time  minutes

“Some Nigerian grades were being priced more competitively, including Qua Iboe to Asia and Bonny Light to the Mediterranean or East, with the overhang slowly reducing, Neil Crosby said in a note earlier this week.

Bloomberg, May 14, 2024 – Sparta noted that Nigeria’s glut of unsold oil for May loading is starting to decrease as prices weaken, with some Nigerian grades like Qua Iboe and Bonny Light being offered more competitively to Asia and the Mediterranean, respectively.

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